I wonder how many of the ones in the know, ahh the county leaders, knew this was coming and had their money moved some were safe. Either way this is really bad for those that have worked all their life and now see what they were going to live off gone.
Msg#: 4559814 posted 7:35 pm on Mar 30, 2013 (gmt 0)
Isn't 100,000 (US) also the cutoff for FDIC and FSLIC coverage?
:: detour to fdic dot gov [fdic.gov] with subsidiary detour for snicker at explicit "index.html" in URL, and further subsidiary grumble at non-linking of anything in https ::
250,000. They raised it when I wasn't looking.
The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category. This includes principal and accrued interest and applies to all depositors of an insured bank.
Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank.
The US dollar has been tanking of late-- somewhere along the line it got to be less than a Canadian dollar, which was a nasty shock-- but it's not down to .40 Euros is it? otoh Cyprus is not absolutely rolling in wealth.
Msg#: 4559814 posted 9:29 pm on Mar 30, 2013 (gmt 0)
BwnBwn - It's even worse than it might seem. I believe that a lot of the large depositors were Russian Expats who were former KGB/GRU current russian mafia people. Keep in mind that Vlad Putin was a former KGB Colonel.
So, Cyprus just took a couple of billion from former KGB people who might just be on Friendly terms with Putin. What could possibly go wrong there?
The other issue is that Margaret Thatcher was right. The problem with socialism is that sooner or later, you run out of other people's money. I'm sure there are a lot of people in the US left who are drooling over the prospect of raiding bank accounts directly.
Oh, and if you do business with Cyprus, keep in mind that your customers there might not be able to pay you due to currency export restrictions..
the smelly stuff is going to impact the rotary air movement device big time.
Msg#: 4559814 posted 7:38 am on Mar 31, 2013 (gmt 0)
...The problem with socialism...
In Cyprus, the problem comes from free capitalism. Banks took money at rates they can't paid. The interesting side of the situation is that here, in Europe, we have a curious mix of capitalism and comunism: when bankers make tons of cash we all are a stupid comunist seeking other's money; when a bank crashes, then we all become taxpayer who must pay a bit more to solve structural troubles of the financial system. It's a win-win system... for bankers.